(453) trust fund, has, as against the assignee, extion, or until the property has been sold actly the same equities that he would have by the mortgagee under a power of sale. as against the assignor, (Phipps v. LoveSee further on this point under MORTgrove, L. R. 16 Eq. 88;) or it may be exGAGE; also, EQUITY. EQUITY OF REDEMPTION, (explained). 34 (what is). 20 Wend. (N. Y.) 260 (old meaning of). 21 N. Y. 343, 365. pressed in the converse manner, that the assignee takes the chose in action subject Me. 50. to the same equities as those to which it was subject in the hands of the assignor. 263. Thus, a debt is due from B. to A., but there is also a debt due from A. to B., which B. might set off in an action by A. In this state of things A. assigns the first debt to C., without telling him of the setoff. B. is entitled to the set-off as against C. Again, if B. has contracted to pay a. sum of money to A., but the contract is voidable on the ground of fraud or misrepresentation, and A. assigns the contract to C., who does not know the circumproperty, so that upon the executor or stances that render it voidable, then B. may avoid the contract as against C. Poll. Cont. 201, citing Cavendish v. Glaves, 24 Beav. 163; Graham v. Johnson, L. R. 8 Eq. 36. 11. Bills of exchange. In the law of bills of exchange and promissory notes, a distinction is drawn between "equities attaching to the bill (or note) itself" (such as an agreement between the original parties to the bill that in certain events the acceptor shall not be held liable) and "collateral equities," such as set-off. (Ex parte Swan, L. R. 6 Eq. 344.) As a rule a bill or note in the hands of a bona fide holder for value is not subject to the equities between prior parties, but in the case of a bill or note negotiated when overdue, the holder takes it subject to the "equities attaching," though not to any collateral equities. Byles Bills 168. See NEGOTIABLE, EQUITY, (defined). 23 Me. 360. (in oath to special jury, synonymous with "law"). 11 Ga. 459, 461. EQUITY CASE, (what is not). 4 N. Y. 600.